Are you looking to get into the hotel business?
Well, if you have a few million dollars tucked away, you could become the proud new owner of a central Kelowna hotel.
The Ramada Hotel, located on Harvey Avenue just west of Dilworth Drive, is on the market for a cool $31,999,000.
It’s listed by Royal LePage realtor Tony Sprovieri, who calls it an “acquisition opportunity.”
“This hotel and conference centre presents an exceptional investment opportunity both for the hotelier as well as the developer,” explains the listing. “The hotel is sited on a 4.33 acre ’trophy’ piece of real estate fronting Hwy 97 at two controlled intersections.”
The listing adds that the property has both current and future development potential, and there have been no shortage of development talks surrounding it in recent years.
In December 2019, the hotel revealed a 12-storey mass timber highrise on the site, but COVID-19 hit shortly after and the development permit expired.
One year ago, revised plans were submitted for a shorter, six-storey building with 160 rooms, nearly twice as many as the proposal from 26 months earlier.
According to BC Assessment, the hotel has a total value of $15,350,000. It has been on the market for 57 days.
